The central bank board met on rates after raising the key rate from 9.5% on 28 February to 20% to support financial stability when the rouble crashed to record lows as the West imposed sanctions against Russia over its actions in Ukraine.
The bank said in a statement Russia was entering ‘a temporary but inevitable period of increased inflation’, while flash indicators suggested a deterioration in the economy that will shrink in the coming quarters. The central bank did not give inflation or economic forecasts for this year, saying it aimed to return inflation to its 4% target in 2024.
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